The XRP price started a new increase above the USD 2.50 level despite the pressure on Bitcoin. The price is still showing positive signs and is aiming for a fresh rise above the USD 2,550 resistance.
- The XRP price rose more than 10% and rose above the $2.50 zone.
- The price is now trading above $2,450 and the 100-hourly Simple Moving Average.
- A short-term bullish flag is forming with resistance at $2,550 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it remains above the $2.40 support.
XRP price remains in uptrend above $2.40
XRP price managed to start a new increase above the USD 2.42 and USD 2.45 resistance levels. The price rose by more than 10%, outperforming both Bitcoin and Ethereum. There was a move above the USD 2.50 and USD 2.550 levels.
The price traded at a high of $2.5979 and is currently consolidating gains. There was a small move below the $2.55 level. The price fell below the 23.6% Fib retracement level of the upward move from the $2,246 swing low to the $2,597 high.
The price is now trading above $2,450 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance around the $2,550 level. A short-term bullish flag is also forming with resistance at $2,550 on the hourly chart of the XRP/USD pair.
The first major resistance is around the $2.60 level. The next resistance is $2.65. A clear move above the USD 2.65 resistance could send the price towards the USD 2.735 resistance. Any further gains could send the price towards the near-term resistance at $2.80 or even $2.8250. The next big hurdle for the bulls could be $2,950.
Disadvantage correction?
If XRP fails to break the USD 2,550 resistance zone, it could trigger another decline. The initial downside support is near the $2.4850 level. The next major support is near the $2,420 level and the 50% Fib retracement level of the upward move from the $2,246 swing low to the $2,597 high.
If there is a downside break and a close below the $2,420 level, the price could continue falling towards the $2,350 support. The next major support is near the $2,320 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 2.4850 and USD 2.420.
Major resistance levels – $2,550 and $2,600.